Scenario
Michael has 2 Fixed Deposit accounts with ABC Bank Berhad in the total sum of RM100,000.00 which he has deposited since 2010. He heard that the Bank Negara Malaysia will forfeit the money as unclaimed moneys as his bank accounts have remain inactive for more than 3 years, hence he will not be able to recover a single cent.
Mythbusted.
The definition of “unclaimed moneys” as provided by the Unclaimed Moneys Act 1965 means “all sums of money to the credit of an account that has not been operated in whatever manner by the owner for a period of not less than seven years”.
Therefore, Michael money will only be considered as unclaimed money if the Fixed Deposit accounts remain inactive for more than 7 years.
Therefore, Michael money will only be considered as unclaimed money if the Fixed Deposit accounts remain inactive for more than 7 years.
So, how much did you know about this Legal Myth?
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